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Many of the day-to-day tasks performed by financial planners fall within the broader scope of counseling. Financial planners often face counseling like-incidents in their work. As a result, financial planners need a working knowledge of client and financial planner attitudes, values, and biases. Financial Planning Counseling Skills specifically describes how a financial planner can blend counseling, psychological, and behavioral finance theories, models, and approaches into their practice with clients. Discover:
Chapter Applications that include testing materials, such as short answer questions, essay questions, matching charts and sample interview questions
A running case study that covers topics for each of the ten chapters that apply principles learned in the chapters
Charts that demonstrate how an office environment should be structured to positively influence a client's psychology
Each chapter contains frequent discussion points set off in boxes for easy identification that provide practical guidance on points discussed in the text
Key terms are highlighted and defined so students can easily find and understand the terms
Topics Covered:
The application of counseling theory to the practice of financial planning
Understanding the importance of using theory in practice and demonstrating how a financial planner can use counseling theories to build client trust and enhance client interactions
How to establish, manage, and maintain client relationships, including how to build a trust-based client relationship
How to communicate effectively with clients, especially how to obtain deeper insight into a client's values, goals and other valuable information and the importance of nonverbal communication
Reflective listening skills, including how it allows planners to gain information and understand the entirety of the client's situation
The importance of questioning skills, including open and closed-ended questions
The issues with heuristics, or mental shortcuts that allow a decision-maker to process information or make decisions more quickly
The role of a financial planner in identifying and monitoring client biases and how they impact client's decision making
Sources of money conflict, including areas of potential conflict between spouses and family members, as well as money taboos and differing money personalities
How financial planners can communicate the importance of agreeing on financial goals and objectives
Discussion of the most common money disorders, including compulsive shopping, gambling, workaholism, hoarding, and financial denial, including the symptoms of these disorders and how a financial planner can support clients with these disorders
Description of relational money disorders, such as parental manipulation and financial enabling
Discussion of financial infidelity, including the impact of addiction
How a financial planner can deal with clients' personal crises such as loss and grief
How financial planners can mediate the impact of financial shocks by providing financial education
